According to RMC Sport in Olise’s native France, the Blues have tabled an initial offer for the 21-year-old who has reportedly been ‘seduced by the project’ at Stamford Bridge.
Mail Sport understands that Olise has a £35m buyout clause in his Selhurst Park contract.
Mauricio Pochettino’s side have offered figures in excess of release clauses before – as they did with Villarreal to sign Nicolas Jackson – in a bid to secure a a more favourable payment plan.
The Argentine manager is a big admirer of the young winger and has already spoken to him, with Olise having reportedly agreed to join Chelsea if a deal can be reached.
Palace, meanwhile, are trying to convince him to stay and Pochettino’s side will likely need to trigger that buyout clause as Roy Hodgson’s side are reluctant to entertain negotiations to sell him.
Their offer that sits above his buyout clause may help them pip Manchester City in the race to sign him, with Pep Guardiola also eyeing up a move for the Crystal Palace prospect.
Olise’s contract is due to expire in 2026, with the Frenchman having spent two years at the south London outfit following his £8m transfer from Reading.
He has attracted attention from clubs around the Premier League and in Europe, with PSG being another club who have expressed their interest to sign him.